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Bear Steepening Upon Return From Long Weekend

US TSYS

Cash Treasuries are a little weaker in the return from the long weekend, with bear steepening evident in the curve (following a similar move in European bonds Monday).

  • The 2-Yr yield is up 2.6bps at 3.2048%, 5-Yr is up 3bps at 3.3722%, 10-Yr is up 4.7bps at 3.273%, and 30-Yr is up 6.2bps at 3.3416%.
  • Following comments over the weekend from Bullard and Waller, FOMC speakers continue to be rolled out: Richmond's Barkin at 1100ET, and 1530ET, and Cleveland's Mester at 1200ET.
  • Chair Powell's 2-day congressional testimony begins Wednesday.
  • Two points of May data out this morning, with the Chicago Fed National Activity Index at 0830ET, and Existing Home Sales at 1000ET.
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